The sale, when fully transitioned, will result in a further reduction of collateral support requirements (corporate guarantees, letters of credit, and/or cash) by Integrys Energy Group of about $50m.
Since Integrys Energy Group announced its strategy change for Integrys Energy Services of reducing the scale and scope of its nonregulated energy services subsidiary operations in February 2009, it has reduced its capital investment for this business by $700m and reduced its collateral support requirements by $1.4bn.
Integrys Energy Group said it is on track to reduce its collateral support requirements by another $800m by December 31, 2010, to a level of $500m from a peak of $2.6bn on March 31, 2009.
